December of 2019 closed out a record-breaking year for the Ottawa Real Estate Market. There was a 15.3% increase in the number of properties sold as well as the average price compared to 2018. The month of December we saw an increase in the number of properties sold as well as in the price change for both residential and condominium listings by 8.9% and 9.3%, respectively.
Although January is traditionally considered a quieter time in the Real Estate world, that does not mean that it is not the opportune time to list your home for sale. Houses are turning over quickly, most with multiple offers. As a seller, the market is in your favour as there is little competition and lots of active buyers. Of course, to get the maximum amount your home is worth, make sure you choose an agent that can help you properly prepare and advertise your home.
As a buyer, to be completely prepared, have your mortgage pre-approved as this shows the sellers that you are serious about purchasing their home. Also, be ready to stop, drop, and see properties that you are interested as they are staying on the market for very short periods of time.
The current estimated Months of Inventory is currently sitting at 1 month. This means, that if all listings were stopped today, what remains on the market would be gone within a month. That is an incredibly fast turnover!